Luup carried out due diligence on a number of identity verification providers and found that Contego’s fraud reduction platform, is a platform able to solve its checking requirements. To comply with AML regulation, Luup has to understand the companies it works with: verifying the entity exists, understanding the ownership structure and tracing the company hierarchy to identify beneficial owners.
As part of Luup’s KYC obligations it has to run checks on individuals: identity verification, identity documents, PEP and sanction lists and negative watchlists. Contego worked with Luup to create a bespoke risk scorecard to manage the complexity of onboarding and monitoring customers, checking both people and companies simultaneously, combining results from multiple sources accurately, all delivered in real-time via a single API.
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